Market Update For January 6, 2026
The Nigerian equities market extended its upward movement on Tuesday, posting another strong close as investor confidence remained resilient. The session was characterised by sustained buying interest, sector rotation and renewed positioning in fundamentally sound stocks, reinforcing the positive tone that has defined recent trading sessions. With participation cutting across major sectors, the rally once again highlighted the depth and strength of the current market upswing.
Buying pressure was evident across banking, industrial goods, consumer goods and insurance stocks. Mid- and large-cap names such as May & Baker, Stanbic IBTC, NEM Insurance, Ikeja Hotel, Berger Paints, Fidson Healthcare, Cadbury, Presco, UACN and NASCON recorded notable gains, reflecting improved sentiment and selective accumulation. Heavyweight stocks, including Dangote Cement, Lafarge Africa, NGX Group and GTCO, also closed higher, providing additional support to the benchmark index and reinforcing market stability.
The broad participation seen during the session suggests that investors are increasingly comfortable taking exposure to equities amid expectations of improved earnings performance and relatively attractive valuations in select stocks. This confidence was further reflected in the strong market breadth, as advancing stocks comfortably outpaced decliners, indicating that the rally was not driven by a narrow group of stocks but by widespread demand.
Adding to the positive sentiment, several mid- and small-cap stocks, including Jaiz Bank, Austin Laz, Multiverse and McNichols, traded above their respective 52-week highs. Such price action points to sustained accumulation and improving momentum, often signalling heightened investor conviction and expectations of stronger corporate fundamentals.
Market Activity and Liquidity Trend
Trading activity strengthened during the session, underscoring increased participation by both retail and institutional investors. Total traded volume rose by 9.1% to approximately 758.98 million shares, while transaction value stood at N19.87 billion across 54,212 deals. The improvement in turnover reflects growing confidence in the equity market as investors continue to rebalance portfolios in favour of stocks.
Linkage Assurance led the volume chart, accounting for the highest number of shares exchanged, while GTCO emerged as the most traded stock by value, highlighting sustained institutional interest. Sterling Financial Holdings and Access Holdings also featured prominently by volume, reflecting continued activity within the banking sector. On the value side, Aradel and Zenith Bank followed GTCO, reinforcing the dominance of liquid and fundamentally strong names in market transactions.
Technical Analysis
From a technical standpoint, the market remains firmly in bullish territory. The All-Share Index continues to trade above its short-term and medium-term moving averages, confirming the prevailing upward trend. Momentum indicators remain positive, while the consistently positive market breadth validates the strength and sustainability of the rally.
The index has maintained levels above recent breakout zones, which now serve as key support levels. While short-term pullbacks or brief consolidation phases may occur as investors take profit on sharp gains, especially in fast-rising stocks, the broader technical structure suggests that any correction is likely to be mild and short-lived. As long as volume continues to support price movement, the market’s upward bias is expected to remain intact.
Global Oil Market Context
In the global commodities market, crude oil prices edged slightly higher as traders weighed expectations of ample global supply in 2026 against lingering uncertainty surrounding Venezuelan crude output following recent geopolitical developments. Brent crude traded around $62 per barrel, while U.S. West Texas Intermediate hovered near $59 per barrel.
Despite the modest uptick, medium-term sentiment in the oil market remains cautious, with rising supply and relatively weak demand expected to limit upside potential. For Nigeria, this outlook reinforces the importance of sustained capital market performance and non-oil sector growth in supporting economic expansion and investor confidence.
Outlook
Looking ahead, we expect the NGX to maintain its positive tone in the near term, supported by strong liquidity, improving sentiment and healthy market breadth. However, investors should remain selective and disciplined, as pockets of profit-taking may emerge following recent gains. Stocks with strong fundamentals, earnings visibility, dividend potential and favourable technical patterns are likely to continue attracting demand.
Overall, the market remains well positioned for further upside, barring any major macroeconomic or policy-related shocks, with sentiment skewed in favour of equities.
Market Summary:
The All-Share Index advanced by 0.46% to close at 159,951.08 points, compared with 159,215.48 points in the previous session. Market capitalisation increased by N468.60 billion to N102.28 trillion, while market breadth closed positive with 64 gainers against 20 losers.
Top gainers were Jaiz Bank (+10.00% to N5.28), Meyer (+9.98% to N8.15), May & Baker (+9.09% to N10.20), Stanbic IBTC (+8.95% to N72.95) and NEM Insurance (+8.77% to N9.30). On the downside, the laggards were led by Alex Industries (-9.62% to N8.45), followed by Chams (-6.90% to N2.70), University Press (-5.88% to N3.20), Thomas Wyatt (-5.26% to N2.70) and Regal Insurance (-4.76% to N0.80), reflecting pockets of profit-taking amid an otherwise broadly bullish session.
